No More Sentras!

[Barbisi]

sophieanne , speaking of local credit unions, are there any you would recommend or any you would strongly advise us to avoid?
We currently live in the Puyallup/Federal Way/Tacoma area.

[sophieanne]

Barbisi - Hi..TwinStar is great. Kitsap C.U. is not my fave. They want to be good..but they lack good Customer service.

[Barbisi]

Thanks sophieanne, I'll look into TwinStar and see if they're close by. That's good to know about Kitsap in case we run across them.

[Carmella]

I haven't belonged to a credit union in many years when I worked at a hospital and the only office was inside the hospital!

There is a credit union associated with our church maybe I should look there and set up a savings account.

[shipo]

I haven't belonged to a credit union in many years when I worked at a hospital and the only office was inside the hospital!

There is a credit union associated with our church maybe I should look there and set up a savings account.

You can also join Pentagon Federal Credit Union (aka. PenFed); great rates and product offerings, however, not the absolute greatest web page and phone app, but serviceable.

[Barbisi]

shipo ,unfortunately there is no PenFed in Washington!

[shipo]

shipo ,unfortunately there is no PenFed in Washington!

There isn't a PenFed here in New Hampshire (or all of New England for that matter); you can still join and take advantage of all of their services.

[flashoflight]

There isn't a PenFed here in New Hampshire (or all of New England for that matter); you can still join and take advantage of all of their services.

I remember seeing a notice in the mail from PenFed that said ATM deposits would not longer be accepted even at Co-OP ATM locations. I do mobile deposit, but that might be tricky in some corner cases where both money orders and cash are not accepted for mobile. That's why I keep a credit union or bank with a local branch. Penfed has no branches in my area.

I use Navy Federal when I need branch access. I've also used them to pickup FREE cashier's checks made out to a 3rd party. Cashier's checks can be mailed to me only if it's made out to me.

I don't use a credit union for 95% of my banking. But I like having access to Penfed and Navy for BK friendly borrowing and when I need to deposit a money order or cash.

[shipo]

I remember seeing a notice in the mail from PenFed that said ATM deposits would not longer be accepted even at Co-OP ATM locations.

Interesting, I just checked and found 12 ATMs within 4 miles of my home here in New Hampshire which, per the PenFed web site, allows deposits of both cash and checks.

[flashoflight]

The Penfed website only lists four options for deposits:

How can I deposit funds into my account?
1. Electronic Funds Transfer - You can initiate an electronic funds transfer at PenFed to deposit funds from an external bank account. All you need is the ABA routing number and account number of the other institution. PenFed’s routing number is 256078446.

2. Mobile Deposit – You can download our mobile app and use Mobile Deposit.

3. Internal Transfer from your PenFed account.

4. Mail - You can mail in a check (with your account number written on the check) to: PenFed, Box 247009, Omaha, NE, 68124-7009.

And no mention about ATM deposits here:

Is ATM usage free?
Access to PenFed's ATM network -- PenFed, Allpoint and Co-op -- will be free. This includes both withdrawal and balance inquiry. PenFed will not charge an out-of-network ATM fee, but out-of-network ATM fee may be levied by the financial institution that owns the ATM, and fees will vary depending on the financial institution that owns the ATM.

I swear I saw a notice in the mail around two months ago about no more non-Penfed ATM deposits.

[flashoflight]

Found it in my email June 17:

Co-op ATM Network Change Notification

Dear FlashOfLight, Effective Aug 17, 2022, PenFed will no longer allow members to make check or cash deposits at other credit union ATMs that are part of the Co-op ATM Network. If you use other credit union ATMs to make deposits, we want to highlight some convenient alternatives: ATMs: Check and cash deposits continue to be allowed at all PenFed ATMs. Additionally, certain eligible Allpoint ATMs allow cash deposits. Visit https://www.penfed.org/locations and use the filters to search for PenFed, check or cash deposits ATMs. PenFed mobile app: Use the app to deposit checks in an instant, anywhere and anytime. Visit www.penfed.org/mobile-app to find out how to download the PenFed app, enroll in mobile banking, and begin depositing checks right from your smartphone. We value your membership and thank you for your trust in us. We hope to continue providing you with the best banking experience possible.

[Carmella]

shipo flashoflight Re: credit union loan

What percentage would be good to refinance the car, mine is in the 8% range. I have had the car 6 months. The loan is with CPS. Would I go to the credit union and say I want to refinance and show them the amount I owe? Then do they give me the money and I write a check to CPS?

I looked up the Credit union that is associated with my church and it looks like a wonderful place. I will say "this is NOT your mother's credit union." I haven't belonged to one in years and it's light years apart all fancy with all the electronic/app, etc. I remember everyone had ATMs except the credit unions which had limited hours and you could only go in person. Looks like several smaller credit unions hooked up to have ATM access including mother's old credit union.

That being said I am considering opening an account and having an automatic deposit from my check (part of my check) and then refinancing.

Is it better to refinance my car or to go to the credit union to get a new loan for my husband's car? Or is it better to refinance my car now and to get the loan from the dealership for husband's car and then 6 months or a year down the road finance his loan?

[shipo]

Your second question will depend upon what the dealership offers; some handily beat credit unions, others do not. As for what constitutes a good rate for a used car these days; the rates published by PenFed have risen significantly over the last few months, they are not publishing rates ranging from 4.24% (36 months on a 2021 vehicle with less than 7,501 miles) to 5.54% (72 months on a vehicle with over 7,500 miles). Longer terms and older vehicles fall somewhere in between.

[Barbisi]

shipo, I think I won't try to open a remote account with PenFed; rather, utilize one of the local Washington CUs where I can quickly get a secured CC in my name to hopefully improve my credit score. As for refinancing the car loan, if the rate reduction would only be 1 - 2 %, it might be better to just pay it off next year. We never intended to carry an auto loan for long: for us not having too many monthly bills makes more sense.